The Commission has been notified that the owners of the Olympia Voyager and the Olympia Explorer have filed for protection under chapter 11 of the U.S. Bankruptcy Code. As a result, Royal Olympic Cruises Ltd (d/b/a Royal Olympia Cruises) has canceled the December 22, 2003 sailing of the Olympia Explorer from Los Angeles to Ensenada, Mexico and the Hawaiian Islands. The December 18, 2003 sailing of Olympia Voyager that began from Fort Lauderdale apparently will only proceed as far as St. Thomas before returning to Port Everglades by January 2, 2004.

To date, we have been advised only of the cancellation of the December 22, 2003 cruise of the Olympia Explorer and the change in itinerary of the Olympia Voyager. It is uncertain whether the vessels will perform future scheduled voyages.

In the event that Royal Olympia Cruises cancels or fails to perform its scheduled voyages, a mechanism to reimburse passengers has been established as required by law and FMC regulation. We have been informed that refunds will be made to passengers for all voyages that are canceled or aborted, including the December 18 sailing of the Olympia Voyager and the scheduled December 22 sailing of the Olympia Explorer. The Commission will provide information concerning the refund procedures when that information becomes available.

Until a voyage is canceled by the cruise line, cancellation penalties found in the ticket contract may apply. Passengers should therefore consult their travel agents before canceling any cruise.

The Commission will provide additional information as it becomes available.